The following data are accumulated for use in reconciling the bank account of Me

Question

The following data are accumulated for use in reconciling the bank account of Meg Nance and Company for June: Balance per bank statement at June 30, $7,929.50 Balance per depositor's records at June 30, $6,017.05.Checks outstanding, $2,510.40 A check for $230 in payment of a voucher was erroneously recorded in the check register as $320. Deposit in transit, not recorded by bank. $671.25. Bank debit memorandum for service charges, $16.70. Using the data presented in Exercise 7-1, prepare in general journal form the entry or entries that should be made by the depositor

Explanation / Answer

Balance as per Depositors record $6,017.05 Add: Checkas outstanding $2,510.40 Erroniously recorded payment voucher (320-230) $90.00 $2,600.40 Less: Deposit in transit $671.25 Bank debit memeorandum service charges $16.70 $687.95 Balance as per bank statement $7,929.50 Journal entries Bank service charges $16.70 To Bank $16.70 Bank $90.00 To Payment voucher $90.00

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